Quick Guide to Buying Land Cheap in New York

Buying land can be one of the best, easiest, and least cash-intensive ways to getting started in and building a lucrative real estate investing business. But many investors are burdened with a prejudice against investing in land and so don’t see the many benefits.

Or maybe they have tried it with poor results because, although the price was right, they didn’t choose the right piece of land. Success here depends on both a good price and the right property. So here’s our quick guide to buying land cheap in New York.

Where to Find the Opportunities

Property Lots – These are small parcels of land, usually just an acre or so, that can be had at a fairly cheap price. Usually, they are sold as lots for people to build homes on. The purchasing avenues include online sites, realtors, local land auctions, and direct sales.

There is, however, one important caveat here. You need to make sure the property isn’t cheap because of some problem or issue. For example: Is it too far from amenities? Would it be too expensive to get utility services to? And is it zoned properly?

Bank-owned Properties – These are usually foreclosed properties that you can pick up at a great price if you do your research. Keep in mind that banks want to unload these properties as fast as possible, for banks are in the business of lending money, not managing a property.

To find out about this kind of cheap land for sale in New York, you can contact the bank directly and simply ask about foreclosure listings. You can also keep an eye on the local newspaper and other appropriate places for sheriff sale announcements. At a sheriff sale, you can often, with the right bid, buy a piece of land for quite a bit less than the appraised value.

Rural Land – Owners of tracts of rural land are often eager to sell because the property is just costing them money. It will take some legwork, but contacting the owners directly is the best way to proceed. And these landowners are very often willing to consider owner financing.

Land Brokers – Going through a land broker can also be a smart move. They deal exclusively in parcels of vacant land, a lot of them, and have a great many listings. Another plus is they have already researched or even purchased foreclosures, which means they will have cheap properties for sale. They also offer many cash deals where the price is substantially reduced.

What to Look Out For

As with anything else, if a cheap land deal seems too good to be true . . . it probably is. So any quick guide to buying land cheap inNew York wouldn’t be complete if it didn’t warn you about the pitfalls to avoid. Below are a few we consider the most important.

Zoning – You simply have to know exactly what the property can and can’t be used for. You can’t, for example, buy a piece of land with the intention of selling it to someone who wants to build a house on it if it is zoned for commercial use only.

Annual Tax Obligation – A certain piece of land may be enticingly cheap, but if the taxes are outrageously high, it won’t be a bargain after all. A reasonable annual tax obligation would be around 1% to 4% of the property’s market value.

Flood Zone – In some areas, some plots of land are very cheap – and very vacant – because, when conditions are right, they are underwater. So be sure to check whether the property is in a flood zone.

Sewer-system Options –If you plan to build residential structures on the land or sell it for that purpose, there must be viable sewer-system options. And if the land is too far from a city or town, a septic system is the only other option. And this means, barring installation of an aerobic system, the soil must percolate. But if the soil can’t pass a perc test, you may not be able to realize any significant return on your investment.

Keep in mind that this is just a quick guide to buying land cheap in New York, hopefully, enough to help you get started.

If you are ready to take advantage of this great real estate opportunity, give us a call at (914) 559-2579 or fill out the formto discover even more.

Hear What Others Have To Say…

“As you know Mr. Ed asked me to send you this “Thank You” email. If wasn’t for without your assistance in the sale of our property that closed today, we would probably still be fighting with Citibank. Mr. Ed told me to express to you all that he (as-well-as I) will remember all of you in our daily prayers and Mass intentions. On behalf of Mr. Ed and myself God Bless!”

Ed and Kevin from Cortland Manor, NY

“This wasn’t just another sale to you, but a real family that you were helping get through a really tough time. I would have NEVER dreamed that this house would sit on the market for so many months and we would end up taking this route, but I can soundly sleep at night knowing we avoided foreclosure because we trusted you guys. Thank you from the bottom of my heart.”

Shannon from Goshen, NY

“To Dave and the team…..Thank you for going above and beyond. You are truly talented professionals. I highly recommend a professional consultation with this company…They are the best!”

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We New York’s premier real estate solutions and investment firm that specializes in helping owners get rid of burdensome properties fast. Need to sell your property fast In Brooklyn, Bronx, Queens, Staten Island, Long Island or Anywhere Else In The NY Tri-State Area? We can buy your NY property fast. All properties on our website are sold for cash or hard money. Buyers responsibility to do your own due diligence and verify all information. Prices are NET to seller with buyer paying all closing costs. Our properties move fast so contact us quickly if there is a property you want to purchase. This is not a solicitation or offer of securities. Investment is offered only to qualified investors through a written Investment Agreement or Private Placement Memorandum.